Business, international

Down and out: As the realities of the economic crisis hit home, South Koreans find they are ill-equipped for the psychological burdens of joblessness

Article Abstract:

The problem of unemployment in south Korea is expected to get worse over coming months as corporate restructuring continues, with predictions that it could rise to 2 million. Most households rely on a single male income earner and the family may break up under financial and mental strain, according to psychologists. Former white collar employees of financial institutions and major business groups are the most vulnerable, and even the fear of job loss is causing anxieties in the workplace.

Out of patience: South Korean government intervenes in Kia crisis

Article Abstract:

The South Korean government has intervened in the Kia Group crisis by temporarily taking over Kia Motors, the flagship company. It is likely that the company will be sold to another business group. There had been a long stalemate between management and creditors, and any prolongation of the case would have lead to a chain of bankruptcies. Kia's debt will be converted into an equity stake, so that Korea Development Bank would become Kia Motors' major shareholder.